Financial problems have heightened feelings of loneliness for many people, LV= has warned.
The protection specialist has found that those experiencing financial struggles have had to cut back on socialising, leaving many feeling isolated.
The LV= Wealth and Wellbeing Monitor – a quarterly survey of 4,000+ UK adults – has revealed that 23% of UK adults have felt lonely in the last three months. Those that say they are struggling financially are more likely to say they have felt lonely in the last three months (32% compared to 23% of the wider population).
Furthermore, 28% of those that are struggling financially have decreased their spending on socialising in the last three months, while those who felt lonely are more likely to be worried about money, (59% compared to 35% of the wider population).
Those feeling lonely are much more likely to have sought face-to-face mental health support than the general public (14% compared to 6%).
The groups most affected by loneliness are women, young people and self-employed. 30% of 18-34 year olds surveyed said they felt lonely or isolated in the past three months, rising to 35% for women in the same age group, while 25% of women said they felt lonely or isolated in the past three months, compared to 20% of men.
40% of women say they are financially struggling (compared to 29% of men), while over a quarter (27%) of self-employed workers have felt lonely or isolated.
As part of Mental Health Awareness Week (9th–15th May), LV= is highlighting the support services available to members living with mental health issues. In 2021, mental health related claims were one of the top five causes of claim for income protection at LV=, resulting in over £2 million being paid out to 48 policyholders.
LV= can help those members with mental health by arranging counselling and back to work services with rehabilitation partners Innovate Healthcare. In 2021, 25% of rehab support referrals were for mental health, either as a primary or secondary condition
LV= was the first provider to include automatic reviewable exclusions for Income Protection customers, allowing those with pre-existing conditions to ask for the exclusion to be removed after a certain time. Mental illness is the most common condition to have an automatic reviewable exclusion, which can be removed after up to three years of no further issues.
Mike Farrell, protection sales director at LV=, said: “The theme for Mental Health Awareness Week 2022 is loneliness, which affects many people at different stages of life. In particular, young people, self-employed workers and women have experienced isolation and financial pressures in some form since the pandemic began. As emotional wellbeing is often linked to financial resilience, we encourage people to discuss their struggles openly to maintain their mental health.
“At LV=, we believe that protection insurance is not only about paying claims; it’s about supporting customers from day one, when they are at their most vulnerable and providing emotional and practical support when they need it.
“We are proud to offer a range of mental health and medical support services for members. These include remote GP consultations and counselling via LV= Doctor Services for vulnerable customers who need extra support, and a dedicated emotional wellbeing helpline for young adults up to the age of 23, who may be children of our members, or policyholders.”